Acquisitions in California in 2023

Salt Creek Capital, a San Francisco Bay Area private equity firm, has acquired Vantage Vehicle International, Inc., a Corona, California-based manufacturer of low-speed utility vehicles (primarily electric). Founder Michael Pak is retiring as President & CEO and will remain as an investor and advisor while Salt Creek installs incoming CEO Drew Lieberman to lead growth and expand the dealer network.

Inszone Insurance Services, a Sacramento-based full-service insurance brokerage, has acquired LPL Insurance Agency, Inc., a long-established agency founded in Brea, California. The acquisition expands Inszone's geographic footprint and client base in California as the firm continues an acquisitive national growth strategy.

Avnan Capital has acquired Allied Components International (ACI), a Foothill Ranch, California-based designer and manufacturer of magnetic electronic components. The transaction closed on December 4, 2023; Avnan plans to grow the business with industry veterans joining to manage and scale the new portfolio company.

LindFast Solutions Group (a Nautic Partners portfolio company) has acquired Hi-Q Fasteners, a Santa Fe Springs, California-based provider of sems, thread-forming and machine screws, spacers, standoffs and self-clinching hardware. The deal, completed December 27, 2023, is an add-on to LindFast's platform intended to expand product capabilities and leverage LindFast's supply chain and distribution network across North America.

Bristol Myers Squibb will acquire radiopharmaceutical developer RayzeBio in an all-cash tender offer of $62.50 per share, valuing RayzeBio at approximately $4.1 billion (about $3.6 billion net of cash). The acquisition brings RayzeBio's actinium-based radiopharmaceutical platform, a Phase 3 lead program (RYZ101) and in-house radiopharmaceutical manufacturing capabilities into Bristol Myers Squibb's oncology franchise to accelerate development and commercialization of targeted radiopharmaceutical therapeutics.

Ironclad Environmental Solutions, a Kinderhook Industries portfolio company, acquired DenBeste Water Solutions, a provider of liquid containment and fluid management solutions based in Windsor, California. The add-on expands Ironclad's presence and capabilities in the Western United States; financial terms were not disclosed.

SonicWall has acquired Banyan Security, a provider of security service edge (SSE) and zero-trust access solutions, in a deal completed December 26, 2023. The acquisition adds Banyan's cloud-native zero trust and ZTNA capabilities to SonicWall's portfolio to accelerate its SASE/SSE offerings and extend cloud-based secure access for customers and partners.

Literally Media has acquired MEL Magazine, the once-popular men's lifestyle and culture brand that has been inactive since 2022. The brand was sold by Recurrent Ventures to join Literally's portfolio of digital culture properties as the buyer aims to revive MEL's voice and explore opportunities across editorial, video, and long-form IP development.

Cisco announced it intends to acquire Isovalent, a cloud-native networking and security startup best known for developing eBPF-based projects such as Cilium and Tetragon, to bolster its multicloud networking and security capabilities. The Isovalent team will join Cisco's Security Business Group and Cisco said it will continue to support the open source projects; the deal is expected to close in Cisco's third fiscal quarter of 2024.

Genstar Capital has completed an equity reinvestment in Cetera Financial Group, reaffirming its position as Cetera's majority investor and providing fresh capital to support the company's next phase of growth. The transaction enables Cetera to pursue its Wealth Hub strategy, continue strategic M&A and recruiting, and expand advisor and management ownership programs.

Oxbo International, a global specialty agricultural equipment manufacturer, has acquired Westside Equipment Company, a Madera, California-based maker of specialty harvesting equipment and aftermarket parts and service. Prestwick advised Westside and its private equity sponsors Hanover Partners and Greyrock Capital Group on the undisclosed transaction, which expands Oxbo's capabilities and presence in specialty/permanent crop harvesting markets.

Domestic & General Group (D&G), the UK appliance breakdown protection provider owned by CVC, has acquired Nana Technologies, an enterprise gateway marketplace and field-management software provider focused on appliance repair. The deal strengthens D&G's US proposition and accelerates the Group's expansion into the US warranty market by combining D&G's warranty capabilities with Nana's technician marketplace and training capabilities.

Traliant, a PSG-backed provider of online compliance training, has acquired Kantola Training Solutions, an eLearning leader focused on harassment prevention and DEI training trusted by over 15,000 organizations. The acquisition expands Traliant's portfolio of harassment prevention and DEI courses and is an add-on to the PSG-supported Traliant platform to accelerate capability and market growth.

Hildred Capital Management has agreed to acquire Hello Bello, a premium yet affordable baby and family care brand, through a Chapter 11 sale process. Hildred will transition Hello Bello into its portfolio under Hyland's Naturals to build a larger pediatric consumer health platform and accelerate manufacturing, distribution, and growth.

GlobalLogic, a Hitachi Group company, has entered into a definitive agreement to acquire Mobiveil, an embedded engineering services firm headquartered in Silicon Valley. The acquisition expands GlobalLogic's embedded software, hardware and ASIC capabilities and brings Mobiveil's Centers of Excellence and client relationships into GlobalLogic's digital engineering portfolio.

AEFP Group, a North American precision parts and assemblies platform backed by Emko Capital, has acquired Johnson Precision Products of Santa Ana, California and named industry veteran Joe DeMartino as CEO of the group. The add-on strengthens AEFP Group’s hydraulics and fuel-systems component capabilities and expands its electro-mechanical assembly offerings for aerospace and defense customers.

Transom Capital Group completed the acquisition of Galleher, LLC, a western U.S. distributor and manufacturer of residential and commercial flooring products. The purchase gives Transom a platform in the premium flooring/building-products sector and aims to drive operational improvements, geographic expansion and new product development while keeping Galleher as an independent portfolio company.

Hop Lun, a Platinum Equity portfolio company and global designer/manufacturer of intimate apparel and swimwear, has acquired Rainbow West Apparel (RW Designs), a Los Angeles–based woman- and minority-owned private-label swimwear design house. The acquisition expands Hop Lun's U.S. sample, design and private-label capabilities and is an add-on to the Hop Lun platform to better serve retail partners with shorter lead times and greater flexibility.

Nordic Pharma Group B.V., through its U.S. subsidiary Amring Pharmaceuticals Inc., has completed the acquisition of Visant Medical, Inc., bringing the FDA-cleared hyaluronic acid canalicular occlusive device LACRIFILL into the Nordic Pharma portfolio. Nordic will launch and commercialize LACRIFILL in the United States, expanding its ophthalmology product offering and enabling future global regulatory filings.

IBM agreed to acquire StreamSets and webMethods, Software AG’s Super iPaaS enterprise platforms, for €2.13 billion in cash. The deal strengthens IBM’s watsonx data ingestion and hybrid cloud integration capabilities by adding data ingestion, integration and API management technologies and their recurring-revenue customer bases.

Bluestone Equity Partners has made a growth investment in VideoVerse, the developer of Magnifi, an AI-powered SaaS video editing and highlights platform. The funding will support VideoVerse's global expansion and continued product innovation to serve sports leagues, broadcasters and streaming platforms.

Linktree has acquired Koji, the app-store platform for the creator economy, to integrate Koji's mini-apps and developer ecosystem into Linktree's link-in-bio product. The acquisition is intended to expand Linktree's creator monetization and engagement capabilities and bring hundreds of Koji apps to Linktree's user base.

TeamSnap has acquired MOJO Sports, a youth sports media and coaching platform that offers live video streaming, coaching content, and team management tools. The acquisition expands TeamSnap's product capabilities and content offerings, integrating MOJO's library and streaming features into TeamSnap's sports management ecosystem to better serve coaches, families, leagues, and partners.

Allworth Financial has acquired two California-based advisory firms — Silicon Valley Wealth Advisors (SVWA) of San Jose/Half Moon Bay and Hall Private Wealth Advisors (HPWA) of San Diego — adding over $650 million in client assets. The transactions expand Allworth's footprint in California and provide an exit/partnership path for the selling principals; terms were not disclosed.

Philadelphia-based Mainfactor Inc. acquired the e-commerce-related sites and assets of Gimme Radio Inc., purchasing the non-core D2C and merch businesses while Gimme retains its streaming music operations. Mainfactor plans to relaunch and operate the Gimme Metal store immediately and to bring back Gimme Country and Gimme Hip-Hop storefronts in early 2024 to expand its music-focused D2C offering.

VSS Group, a Kinderhook-backed provider of automotive protection products and services, has acquired Cilajet, a Gardena, California-based maker of aviation-grade interior and exterior appearance protection products for automotive and RV dealerships. The deal is an add-on to VSS Group's platform (its sixth since partnering with Kinderhook) and is intended to expand product offerings, distribution channels, and dealer-facing bundles; financial terms were not disclosed.

Herspiegel Consulting has acquired Adivo Associates, a healthcare strategy and specialty market insights firm. The deal expands Herspiegel's commercialization capabilities by integrating Adivo's data and analytics with Herspiegel's market access and medical affairs practices, creating a combined team of over 150 employees and broadening the firm's global footprint.

Aditxt, Inc. has entered into a definitive agreement to acquire Evofem Biosciences in a stock-and-debt assumption transaction that will make Evofem a wholly owned subsidiary of Aditxt pending closing (anticipated H1 2024). The deal transfers approximately $100 million of consideration via stock issuance and assumption of certain senior indebtedness, and positions Aditxt to establish a women's health mission and scale Evofem’s hormone-free contraceptive Phexxi and other women's health products globally.

Vontas, a Modaxo company, has acquired Orion Labs, a San Francisco–based voice-first collaboration and voice-AI platform. The acquisition adds Orion’s push-to-talk, location services, and AI-powered voice capabilities to Vontas’ OnTransit ITS solution to improve communications and situational awareness for transit agencies.

IT Solutions Consulting, a Philadelphia-area managed service provider (MSP), has acquired The Network Pro, a West Coast managed IT and security provider dually-headquartered in Anaheim, California and Tucson, Arizona. The deal expands IT Solutions' West Coast presence and strengthens its support capabilities for legal and manufacturing verticals as part of the company's ongoing roll-up strategy.

PwC has acquired Surfaceink, a Bay Area hardware design and prototyping firm founded in 1999. Financial terms were not disclosed; roughly 50 Surfaceink employees, including CEO Eric Bauswell, will join PwC as the firm expands its hardware engineering and product prototyping capabilities for enterprise clients.

Rental Concepts, Inc. (doing business as Fleet Response) has acquired Paragon Subrogation Services, a multi-line subrogation and arbitration outsourcing firm founded in 1995. The acquisition expands Fleet Response’s subrogation scale and capabilities, allowing its TPA operations to offer enhanced recovery, arbitration and analytics services to insurance carriers and self-insured entities.

IZEA Worldwide, Inc. (NASDAQ: IZEA) acquired Zuberance, an advocate marketing software platform that helps brands build white-label advocate communities and generate user-generated content and referrals. The deal expands IZEA's marketing technology suite by adding customer advocacy capabilities that integrate with e-commerce platforms and Salesforce, complementing its influencer marketing offerings.

WITHit, a U.S. wearable tech and reading accessory maker, has acquired Mighty Bright, a Santa Barbara–based maker of portable LED reading lights and related accessories. The deal expands WITHit's reading accessory product lineup and preserves Mighty Bright's brand as founder/CEO Roger Edgar retires.

Intelligent Technical Solutions (ITS), a Tower Arch Capital portfolio company, has acquired OneClick Solutions Group in partnership with OneClick founder and CEO Mark McGarvey. The add-on expands ITS's managed IT services footprint in the San Francisco Bay Area; transaction financing was provided by Deerpath Capital and terms were not disclosed.

Contentsquare has completed its acquisition of product analytics provider Heap, its largest deal to date, to combine product-level and digital experience analytics into a single platform. The deal brings Heap's product analytics capabilities and customer base into Contentsquare's AI-powered digital experience platform to deliver broader, session-level and product-level insights for customers.

Grand Fitness Partners, an HGGC-backed Planet Fitness franchisee, has acquired eight Planet Fitness locations in California's Central Valley from PCV Holding Co. LLC; the sellers rolled part of the proceeds into Grand Fitness and retain a minority stake. The acquisition expands Grand Fitness' California footprint (cities include Fresno, Modesto and Stockton) and is an add-on to support organic growth and new-club development.

Argano has acquired the Profit Velocity profit-acceleration platform to expand its high-performance business operations capabilities. The platform brings time-based profit analytics and what-if planning to help clients optimize pricing, operations and investments across finance, sales and supply chain.

Paylocity has acquired Trace, a San Francisco–based headcount planning startup, and will integrate Trace’s team of seven into its HCM platform. Financial terms were not disclosed; Paylocity said the acquisition extends its product capabilities to include real-time headcount planning and workforce spend management.

Ceragon Networks Ltd. completed its acquisition of Siklu, a provider of multi‑Gigabit mmWave "wireless fiber" connectivity, in a transaction with an enterprise value of approximately $13–15 million. The deal (partly paid with ~1.5 million Ceragon shares and assumption of ~$10–12 million of liabilities) is intended to expand Ceragon's mmWave and Fixed Wireless Access capabilities and increase its presence with private networks and small service providers in North America.

Blackford Capital, a lower middle market private equity firm, acquired LTD Online Stores, Inc., a San Diego-based patio furniture e-commerce business, wholesale distributor and retail showroom operator. The deal is the third add-on to Blackford's Patio Portfolio (joining Artificial Turf Supply and Starfire Direct) and is intended to expand the platform's high-end furniture offerings and diversify distribution channels.

Constellation Wealth Capital has made a strategic minority investment in AlphaCore Wealth Advisory to provide growth capital. The funding will support AlphaCore’s expansion plans — including hiring and pursuing strategic mergers and acquisitions — while CWC will provide capital and strategic advisory support to the wealth management platform.

EasyKnock, a technology-enabled residential sale-leaseback platform, has acquired Balance Homes, a provider of home equity co-ownership solutions. The acquisition brings Balance Homes' co-ownership product, technology and team into EasyKnock to expand the company's suite of non-loan home equity solutions for U.S. homeowners; deal terms were not disclosed.

Kelvin Group, backed by Southfield Capital, has acquired Advanced Examination Services (AES-NDT), a Torrance, California-based provider of non-destructive testing (NDT) services for the petroleum, chemical and agricultural industries. The deal is Kelvin Group’s ninth acquisition since partnering with Southfield; Deerpath Capital Management provided debt financing and G2 Capital Advisors served as buy-side advisor.

Thales has acquired cybersecurity firm Imperva from private equity firm Thoma Bravo in an all-cash transaction valuing Imperva at approximately $3.6 billion. The deal expands Thales' data and application security capabilities, immediately boosting its cybersecurity revenue base and creating a larger global cyber portfolio; the transaction has closed.

O2 Investment Partners, through its portfolio company BerlinRosen Holdings, has invested in and partnered with Message Lab, a content, data and analytics agency led by founder and CEO Ben Worthen. The deal will integrate Message Lab's editorial and content-intelligence capabilities into the BerlinRosen platform to expand its communications, content and analytics offering; terms were not disclosed.

VC3, a North American managed IT and cybersecurity services provider, has acquired FPA Technology Services, an outsourced IT provider based in Woodland Hills, California. The deal expands VC3's footprint in California and adds FPA's managed IT, strategic planning, and cybersecurity capabilities to VC3's platform.

Xponential Fitness, Inc. agreed to acquire Lindora, a medically guided metabolic health and weight-management brand, including Lindora's intellectual property and 31 existing clinics which will become Xponential franchise locations. The acquisition expands Xponential's wellness offerings by adding medically supervised weight-management, IV hydration, and hormone replacement therapy capabilities and is expected to be immediately accretive to AUV and adjusted EBITDA; the deal is expected to close in early 2024.

HCMS Napa, LLC has acquired Lobo Solutions, Inc., a Poway, California-based medical billing and coding services provider. The transaction, advised by Generational Equity, closed on December 4, 2023 and is intended to expand HCMS Napa's billing/coding capabilities and client reach in the region.

The Futurum Group, a global tech advisory, research, intelligence, and media firm based in Austin, Texas, has acquired LuccaZara, a San Jose–based tech marketing and content production agency founded by Lisa Martin. The acquisition expands Futurum's media and content capabilities—LuccaZara's founder will join Futurum to produce and host event and onsite shows as Futurum scales its B2B research-led content platform.